GBPUSD Weekly outlook and wave analysis 03rd – 07th October 2016

Whatever happened to volatility. It’s amazing how price can get squeezed in one place, even with high impact news hitting the wire. There is only one conclusion. All major economies trying to make a move in the same direction. But if that is the case, there is only one outcome – more sideways price action.

GBPUSD never really showed a direction bias last week. Hence there is no change in the wave count, nor in the expectation of last week.

Although the forecast stays bullish for next week, the last bit of squeeze in the price can seriously breakout to any either direction. Either way, next move is more likely to be more violent.

Price could also retest the lowest low before it makes the bullish move. All said, I still need confirmation with a break of the trendline to the upside. Let’s see if we get it at least next week.

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